Top 5 Things Baby Boomers Should Know Before Downsizing
For many Baby Boomers, the idea of downsizing is about more than just moving, it’s about simplifying life, cutting costs, and preparing for a new season. But trading square footage for flexibility requires smart planning.
As a mortgage loan officer in Central Texas, I work with empty nesters and retirees making this transition. If you’re considering downsizing, here are five things you should know before you start packing boxes.
1. Know Your “Why” Before You Make a Move
Are you looking to reduce expenses? Move closer to family? Eliminate stairs and upkeep? Knowing your core reason will guide every decision from location to financing.
It is helpful to write down your top 3 reasons for downsizing and use them to measure every property you consider.
2. Timing the Market Matters: But, So Does Lifestyle
Mortgage rates and home prices certainly can fluctuate, and both are important considerations in your decision. But your quality of life matters just as much. If your current home no longer fits your needs or budget, that’s reason enough to explore options now.
A personalized consultation can show you whether it makes financial sense to downsize now or wait.
3. Understand Your Mortgage Options
Although you may have equity in your home, you might not need to pay all cash for your next home. Many Boomers who are looking to downsize explore:
Conventional loans with low rates
Home equity loans or HELOCs
Reverse mortgages (if over 62)
It is important to compare options to keep monthly payments manageable or perhaps eliminate them altogether.
4. Think Long-Term: Accessibility, Maintenance & Taxes
Your next home should support your future as well your present. Consider:
Single-level floor plans
Low-maintenance yards or condos
Property tax implications (Texas has exemptions for 65+!)
Some counties even offer tax ceilings.
5. Decluttering Takes Longer Than You Think
Sorting through a lifetime of belongings can be the hardest part, both physically and emotionally. Pace yourself and avoid doing it hastily.
Begin with non-sentimental areas and give yourself a clear timeline. Some have an estate sale while others donate to local nonprofits. Situations are different so do what is right for you.
Downsizing isn’t just about moving, it’s about preparing and upgrading your life for the next chapter. With the right plan and expert guidance, it can be a smooth and empowering transition.
Let’s talk through your downsizing goals. Schedule a free 30-minute consultation today and see what’s possible. You can secure your spot HERE.
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Bryan Scott (512) 864-4866 bscott@gfmortgages.com